PE Firm Divests AL/MC Community to Nonprofit
A not-for-profit organization took over ownership of an assisted living/memory care community in Minnesota from a private equity firm seller. There’s a headline that falls out of the narrative of The New York Times. Senior Living Investment Brokerage’s Jason Punzel, Vince Viverito, Brad Goodsell and Jake Anderson represented the PE firm, which was selling a geographic outlier in its regional portfolio. Diamond Willow Assisted Living & Memory Care was built in 2006 in the town of Alexandria, located in between Minneapolis and Fargo, North Dakota. It offers 26 beds in 20 units on a three-acre campus. The not-for-profit buyer was aiming to expand its presence in Minnesota, both in... Read More »
Owner/Operator Purchases Distressed Texas SNF
Senior Living Investment Brokerage facilitated the sale of a skilled nursing facility in Longview, Texas. The seller was a Texas-based partnership divesting its only senior care asset. The building’s management company exited the operations three months prior to closing, which further led to the discussion of a potential sale. Built in 1972, Havencare Nursing & Rehabilitation comprises 108 beds across 24,653 square feet on 3 acres. Occupancy was 72.2% at the time of marketing. Revenues in 2023 were $5.9 million, but the facility was operating just below breakeven. The facility is also enrolled in QIPP, which provides for additional revenue not already in the financials. The purchase... Read More »
Selectis Sells Georgia SNF
Selectis Health engaged Blueprint in the divestment of its skilled nursing facility in Macon, Georgia. Archway Transitional Care features 100 beds and is operated by Ethica Health & Retirement, a subsidiary of Community Health Systems of Georgia, the largest not-for-profit provider in the state. The facility is within close proximity to the Houston Medical Center. Blueprint negotiated the sale of the real estate to the operating tenant as the facility was the only lease in its portfolio, ultimately advancing its strategic approach within the state. Closing occurred less than 60 days from term sheet execution. Michael Segal and Daniel Waldhorn handled the transaction. The seller and... Read More »
CBRE Secures Bridge Financing for CPF
CBRE secured bridge financing for four seniors housing communities on behalf of CPF Living Communities, which has 51 communities under ownership, totaling 6,537 units across 18 states. The communities are currently managed by Grace Management, CPF’s wholly owned management affiliate. Aron Will and Tim Root secured a large loan through a national bank. The four communities are Acacia Springs (Las Vegas, Nevada MSA), Camellia at Deerwood (Jacksonville, Florida MSA), Northgate Park (Cincinnati, Ohio MSA) and Sedgwick Plaza (Wichita, Kansas MSA). The portfolio totals 329 independent living units, 281 assisted living units and 16 memory care units. Read More »
Meridian Capital Group Closes Out Strong Q2
Meridian Capital Group’s Senior Housing and Healthcare Platform, led by Ari Adlerstein and Josh Simpson, closed over $850 million in transaction volume in the second quarter of 2024 across 26 transactions, following $525 million closed in the first quarter of the year across a mix of investment sales and financings. In their most recent transactions, the platform successfully sold four skilled nursing facilities comprising 800 beds in Massachusetts and Connecticut for $60.6 million, or $75,750 per bed. They also sold two skilled nursing facilities in Tennessee with 276 beds for $28 million, or $101,450 per bed, also arranging $22.4 million in financing from a REIT for the acquisition.... Read More »
Trophy Property Trades in Fort Myers
Quadrum Global, a billion-dollar-plus real estate investor and developer, has sold its trophy seniors housing property in Fort Myers, Florida, with Continuum Advisors representing them in the deal. Amavida opened in December 2018 with 28 independent living cottages, 223 IL apartments, 101 assisted living units and 35 memory care units. The 570,000-square foot Class-A rental campus also boasts many resort-style amenities including three swimming pools, multiple indoor and outdoor dining venues and a 9,000+ square foot clubhouse with fitness centers, tennis, pickleball, basketball and a putting green. In addition, the offering included eight acres of fully entitled land ready for a Phase II... Read More »
CIBC Finances Wisconsin SNF Portfolio Deal
CIBC Bank USA provided an $85 million acquisition financing term loan and a $2 million working capital revolving line of credit for a portfolio of skilled nursing facilities in Wisconsin. The size of the portfolio was not disclosed, but historical performance trended positively over the last year, as the facilities improved census and operating leverage. Going forward, occupancy and operating margins are expected to further improve. Dan Forrer handled the transaction on behalf of CIBC. Read More »
Not-For-Profit Expands in Virginia
The not-for-profit Pinnacle living is adding two seniors housing communities in Henrico, Virginia, to its portfolio. The previous operator was Spring Arbor Senior Living. Spring Arbor of Richmond has 90 assisted living and memory care units. Spring Arbor Cottages of Richmond totals 48 assisted living and memory care units. It features a small house model with three buildings, each comprising 16 homes. This expands Pinnacle’s Virginia portfolio from four to six communities. Read More »
Ziegler Tackles Three Transactions
Ziegler facilitated the sale of three transactions on behalf of not-for-profit sellers. First, a skilled nursing portfolio in Northern Ohio was sold to a for-profit buyer. Next, in a two-part transaction, a not-for-profit in Tennessee sold two CCRCs to another not-for-profit (through an affiliation) and divested the SNF portion of one campus to a for-profit buyer. The seller of the skilled nursing portfolio in Northern Ohio was a not-for-profit dedicated to providing affordable housing, healthcare and supportive services. This was its only healthcare asset in the state. The portfolio comprised three buildings consisting of 182 skilled nursing beds and 24 behavioral health beds. One... Read More »
AOG’s Foray into The Active Adult Sphere
A few years ago, we were preparing for an influx of multifamily developers and investors to flood into the seniors housing space, particularly in active adult, which was seen as an attractive add-on to their traditional multifamily portfolios with favorable demographic trends, higher (and more consistent) rents, good occupancy rates and longer lengths of stay. Active adult may have also acted as a gateway to other seniors housing sectors like independent living and assisted living for these investors. Then, interest rates rose above average active adult cap rate between 4% and 5%, and development became more difficult, not to mention expensive. But as we (and others) have noted, the... Read More »Schedule a demo
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